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SMI
VanEck HIP Sustainable Muni ETF

Fund Description

The VanEck HIP Sustainable Muni ETF (SMI) is an actively managed exchange-traded fund (“ETF”) that seeks current income generally exempt from federal income tax by investing in investment grade municipal debt securities that have been issued to fund operations or projects that support or advance sustainable development, as well as promote positive social and environmental outcomes.

 
 

  • Fund Ticker

    SMI

  • Exchange

    Cboe

  • Inception Date

    09/08/2021

  • ETF Structure

    Physical

  • Administrator

    Van Eck Associates

 
as of 09/29/22

  • 30-Day SEC Yield1

    3.12%

  • Total Net Assets

    $17.5M

  • Number of Holdings

    54

  • Options

    No

  • Gross Expense Ratio2

    0.24%

  • Net Expense Ratio/TER2

    0.24%

  • Distribution Frequency

    Monthly

  • Next Distribution Date

    09/30/2022
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Fund FAQ
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Key Points

  • Broad muni exposure with a focus on sustainability

  • Core portfolio of investment-grade tax-exempts with intermediate duration

  • Managed to maximize sustainability exposure while seeking to maintain benchmark characteristics

Yields
as of 09/29/22

  • 30-Day SEC Yield1

    3.12%

  • Distribution Yield1

    1.37%

  • 12-Month Yield1

    0.97%

  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    3.55%

  • 22% Federal Tax Rate

    4.00%

  • 24% Federal Tax Rate

    4.11%

  • 32% Federal Tax Rate

    4.59%

  • 35% Federal Tax Rate

    4.80%

  • 37% Federal Tax Rate

    4.95%
 1/1a See Important Disclosure for definitions.

Fees and Expenses2

  • Management Fee

    0.24%

  • Other Expenses

    --

  • Acquired Fund Fees and Expenses

    --

  • Gross Expense Ratio

    0.24%

  • Fee Waivers and
    Expense Reimbursement

    --

  • Net Expense Ratio/TER2

    0.24%

2Van Eck Associates Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least September 1, 2023.

Trading Information

  • Fund Ticker

    SMI

  • Index Total Return Ticker

    MUNI

  • NAV

    SMINV

  • Intraday NAV (IIV)5

    SMIIV

  • Shares Outstanding

    400,000

  • Estimated Cash

    SMIEU

  • Total Cash

    SMITC

  • CUSIP

    92189H813

  • ISIN

    US92189H8135
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 09/29/22

  • Yield to Worst

    3.95%

  • Yield to Maturity

    4.20%

  • Effective Duration (yrs)

    6.41

  • Duration to Worst (yrs)

    5.50

  • Modified Duration (yrs)

    8.01

  • Spread Duration (yrs)

    5.43

  • Years to Maturity

    12.79

  • Coupon

    4.68%
 4See Important Disclosure for definitions.

Investment Professionals

  • Portfolio Manager for non-taxable Fixed Income ETFs and Senior Municipal Strategist
  • Joined VanEck in 2007
  • Prior to joining VanEck, held several senior municipal fixed income positions at Lord Abbett, John Hancock Funds, Old Harbor Capital and Evergreen Asset Management
  • Member of National Municipal Buyers Conference (Chairman, 1996), Municipal Forum of New York, Boston Fixed Income Management Society and The Economics Club of New York
  • MBA, Finance, Hofstra University
  • BA, Economics and International Relations, Brown University
  • Deputy Portfolio Manager for Fixed Income ETFs
  • Joined VanEck in 2016
  • MS, Financial Engineering, Baruch College
  • BBA, Finance, Baruch College
  • Associate Portfolio Manager for Fixed Income ETFs
  • Joined VanEck in 2013
  • Prior to his current role, held a portfolio administration position for the firm’s alternative investment funds
  • MS, Finance, University of Rochester
  • BS, Information Sciences and Technology, Pennsylvania State University
  • Senior Trader, Portfolio Analyst for Fixed Income ETFs
  • Joined VanEck in 2017
  • Previously, Trader at Beck, Mack & Oliver LLC and monitored markets and executed equity and fixed income trades and Fixed Income Operations at Gleacher & Company Securities, Inc.
  • MBA, Finance, Montclair State University
  • BS, concentration in Accounting and Finance, minor in Computer Science, University of Vermont
  • Senior credit analyst for non-taxable Fixed Income ETFs
  • Joined VanEck in 2021
  • Prior to joining VanEck, held several senior municipal analyst positions including director of research at Belle Haven Investments, senior municipal analyst at Brown Brothers, and municipal bond analyst at UBS
  • Member of National Federation of Municipal Analysts and the Municipal Analysts Group of New York
  • MBA, Finance and Public Policy, The Wharton School of Business; BA, Communications, University of Pennsylvania

Prices as of 09/29/22

NAV/
Market
Price 		Volume
30-Day Avg./
Last Trading Day 		Daily Change
NAV/
Last Price 		YTD Change NAV/
Last Price 		Premium/
Discount 		30-Day
Median
Bid Ask
Spread 		NAV
Chart
SMI $43.73
$43.78 		3,002
0 		$0.00 / +0.01%
$-0.04 / -0.09% 		-11.94%
-11.94% 		$0.04
0.10% 		0.07%

Premium/Discount History as of 09/29/22

Since Inception 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 219 15 62 51 50
SMI Days closed at NAV 10 2 0 3 1
Days closed at a discount 39 0 2 8 11

Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
09/08/21
SMI (NAV) -2.48 -1.94 -8.95 -- -- -- -- -8.74
SMI (Share Price) -2.55 -1.89 -9.04 -- -- -- -- -8.75
MUNI (Index) -2.31 -1.55 -8.27 -8.22 -0.77 1.24 2.28 -8.18
Performance Differential (NAV - Index) -0.17 -0.39 -0.68 -- -- -- -- -0.56
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
09/08/21
SMI (NAV) -1.75 -3.09 -8.78 -- -- -- -- -8.57
SMI (Share Price) -1.55 -3.03 -8.72 -- -- -- -- -8.43
MUNI (Index) -1.66 -2.90 -8.38 -7.97 -0.07 1.53 2.46 -8.28
Performance Differential (NAV - Index) -0.09 -0.19 -0.40 -- -- -- -- -0.29

*Returns less than one year are not annualized.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

The "Net Asset Value" (NAV) of a Fund is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. Investors should not expect to buy or sell shares at NAV.

Top 10 Holdings (%) as of 08/31/22 Daily Holdings

Total Holdings: 47
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full data
Issuer Name State Weighting (%)
California St CA 10.32
New York N Y City Mun Wtr Fin Auth Wtr & Swr Sysrev NY 4.25
Metropolitan Transn Auth N Y Rev NY 4.20
Boston Mass MA 3.86
New York N Y City Transitional Fin Auth Rev NY 3.57
University Calif Revs CA 3.53
Val Verde Calif Uni Sch Dist CA 3.50
Long Island Pwr Auth N Y Elec Sys Rev NY 3.42
California Health Facs Fing Auth Rev CA 3.37
Honolulu Hawaii City & Cnty Wastewtr Sys Rev HI 3.32
Top 10 Total (%) 43.35
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Geographical Weightings (%) as of 08/31/22

  • State

    % of Net Assets
  • ■

    New York

    32.5
  • ■

    California

    31.7
  • ■

    Massachusetts

    9.5
  • ■

    Ohio

    4.0
  • ■

    Pennsylvania

    3.9
  • ■

    Hawaii

    3.3
  • ■

    Washington

    3.2
  • ■

    Arizona

    2.1
  • ■

    North Carolina

    2.0
  • ■

    Oregon

    1.7
  • ■

    Connecticut

    1.6
  • ■

    Nevada

    1.6
  • ■

    Wisconsin

    1.5
  • ■

    [Cash]

    1.3

Currency Exposure (%)
as of 08/31/22

  • U.S. Dollar

    98.53

  • Other/Cash

    1.47

Sector Weightings (%) as of 08/31/22

  • Sector

    % of Net Assets
  • ■

    State GO

    17.6
  • ■

    Tax

    15.5
  • ■

    Local GO

    12.1
  • ■

    Water & Sewer

    9.3
  • ■

    Hospitals

    8.4
  • ■

    Transportation

    7.4
  • ■

    Airport

    5.7
  • ■

    Education

    5.2
  • ■

    Refunded

    4.5
  • ■

    Toll & Turnpike

    3.8
  • ■

    Leasing COPS & Appropriations

    3.8
  • ■

    Power

    3.4
  • ■

    Misc

    1.7
  • ■

    Unassigned

    1.5

Credit Quality (%)† as of 08/31/22

Composite % of Net Assets
Investment Grade AAA 14.33
AA 47.55
A 19.92
BBB 8.08
Total Investment Grade -- 89.87
Not Rated -- 6.90

Maturity (%) as of 08/31/22

Average Portfolio Maturity: 14.20 Years